MSMEs commit P140M in new investments

MANILA, Philippines – Local micro, small, and medium enterprises (MSMEs) have committed to invest around P140 million in new ventures, potentially generating 1,450 new jobs in Metro Manila, Rizal, Laguna, and Batangas, according to data from the Board of Investments.

The 26 projects, registered this year and in 2008, span a wide range of industries, including agriculture, agribusiness and fishery; information technology and IT-enabled services such as game, software and content development; tourism, healthcare and wellness; garments; and manufacturing and export.

Among the 26 companies, committing the biggest investment was information technology services firm Checkwell Decisions Inc., with P13.44 million.

This was followed by cold storage machines export producer Yong Sung Refrigeration Inc. with a commitment of P12 million, and healthcare and wellness services provider Mary Grace and Rendell Inc. with P10 million.

Investing a little less than P10 million were heater export manufacturer Temptech Philippines Inc. with P9.64 million, coco fiber and coco peat producer Hillsen Corp. with P9.5 million, processed fruits products firm Alberto Fruits Processing Corp. with P8.35 million and electrical products inspection and testing laboratory Scientific, Environmental and Analytical Laboratory and Services with P7 million.

All of these projects were registered with the BOI under the agency’s one-day processing scheme as prescribed in the 2008 Investment Priorities Plan to promote SME development.

Apart from the one-day processing of their applications, the BOI also helped them prepare simplified project application for BOI registration, as well as identify MSME support companies and sources of financing support. –Abigail L. Ho, Philippine Daily Inquirer